Saskatchewan sees rise in bankruptcy rate

People in Saskatchewan continue to struggle with consumer debt.

According to the Office of the Superintendent of Bankruptcy Canada, Saskatchewan saw 19.8per cent more people declare bankruptcy in the first quarter of the year, compared to last year.

The highest increase in the provinces was seen in Alberta, where the amount jumped by 27.1per cent.

"Many consumers are faced with some real difficult decisions at the end of the day," said Jeffrey Schwartz, executive director of Consolidated Credit Counseling Services of Canada in a news release. "The results from the insolvency report show Canadians are stretched and this trend will continue in the next quarter."

The counseling service has some tips on how people can avoid getting into financial trouble.

1. Don't rely on your credit card. Never use your credit card to fund your lifestyle. High interest rates can quickly result in high debt levels.
2. Don't rely on Interac, either. Tap and go purchases may be easy, but it's difficult to keep track of purchases if you're not careful.
3. Try to avoid payday loans, especially if you can't pay back the loan within the required time period.
4. Make a budget after taking a hard look at your finances. Figuring out how much money you can spend on a monthly basis should limit your spending.
5. Call a credit counseling agency to get advice on how to develop a strategy to deal with your debt.